Given the current economic challenges faced by business owners due to external forces beyond their control, it is more important than ever to look at ways to add value and efficiency to a business, that don’t end up costing time, money and more in the long-term.
For any accountant or firm looking towards 2023, their focus is on the bottom line and ways to save. However this shouldn’t be at the expense of preventing fraud. Fraud is an ever-present risk and is on the rise, with fraud losses amounting to €22million in 2021.
For accountants, investing in solutions that easily prevent fraud while solving the challenge of anti-money laundering (AML) compliance is one way to plan for long-term success and deliver efficiencies across all areas.
Key to the success of any accountancy firm in a post-pandemic world is the ability to onboard new clients quickly and conveniently, whether in-person or remotely, to drive acquisition.
However one of the key challenges faced by accountancy professionals is often:
- Capturing the documents needed to compliantly onboard a new client
Chasing documentation takes up time and can be via less than secure means. Secure storage of original hardcopies and emailed documents is another concern for any business obliged to comply with AML and Know Your Customer (KYC) legislation.
A digital identity verification solution can capture documentation needed for AML compliance, verify the documents in seconds against the owner and securely store them to produce a full audit trail and deliver operational efficiencies.
A further challenge for firms or accountants is up-to-date training in the latest AML requirements.
Investing in a digital solution that has compliance built in and delivers a robust audit trail like a CDD report will ultimately save your business time in having to complete this for every client and provide peace of mind.
Further to this an identity verification solution that completes identity verification via biometric, document and database checks to streamline AML and KYC in one GDPR compliant platform, adds an extra layer of security to your compliance process and one less thing your team needs to worry about.
While there is pressure to manage budgets and find ways to reduce costs, the risk of fraud is too large to ignore. It’s not solely the cost to your business but the implications that can impact your business and reputational damage that can come with it. Embrace solutions designed to solve challenges accountants face today and enjoy the benefits in the long-term.
Chartered Accountants Ireland Members: get 1 month free on any business account.
For more information, contact Peter Davitt on 087 700 7584 or email [email protected]. *T&Cs apply.
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